Kaliningrad is a key Russian port in the Baltic. File Image / Pixabay
Bunker Holding-owned hybrid firm Dan-Bunkering has shut its Kaliningrad office in response Russia's invasion of Ukraine.
The firm closed the office at the end of last month, a spokesman for the company said in an emailed statement. Bunker Holding and all of its subsidiaries had already announced a halt in all trade at Russian ports and with Russian counterparties in early March.
The office was Dan-Bunkering's main presence in the Russian bunker market. It also played a key role in Dan-Bunkering's sanctions court case last year, with this office having originated the jet fuel trades in question.
"Dan-Bunkering in the strongest possible terms opposes the Russian aggression against Ukraine," the company said in the statement.
"As a consequence of Russia's invasion of Ukraine, Dan-Bunkering halted all trades with Russian counterparties and suppliers in February as well as ceased all deliveries in Russian harbours.
"Dan-Bunkering no longer supplies Russian ships anywhere.
"Following this cease of trade with Russian counterparties, Dan-Bunkering's office in Kaliningrad has been shut down at the end of the fiscal year, April 30th, 2022."
The problem of what to do with traders specialising in the Russian market is becoming a wider one across the industry. With their normal business having disappeared at short notice, these traders face having to learn completely new markets and build up new trading relationships or potentially lose their jobs.